-
Downgrades may point to shifting auto views at S&P, DB says
S&P Global Ratings this month downgraded four class ‘E’ notes of recent subprime auto deals issued by Consumer Portfolio Services from 2016 and 2017. Deutsche Bank analysts said this week that the move might imply the rating agency is growing more cautious on the sector, signaling that downgrade and default risks for subprime auto ABS are on the rise as the cycle turns.
19 Sep 2019 -
Largest post-crisis public Spanish ABS prices tight of guidance
Banco Sabadell has priced its first public ABS deal since the financial crisis via sole arranger Deutsche Bank, pricing the bonds tight of guidance levels released earlier in the week.
19 Sep 2019 -
Issuers price a dozen ABS to send volume past 2018 levels
ABS issuers priced a dozen new transactions in just the first three days of the week, sending primary issuance volume surging past levels seen year to date in 2018.
18 Sep 2019 -
BMW drives home second auto lease ABN
Herald International Financial Leasing, a subsidiary of BMW, bagged its second Rmb2.5bn ($353m) auto lease asset-backed note on Tuesday, pricing the dual-tranche deal at the tighter end of the price guidance range.
18 Sep 2019 -
Solar finance pro departs ABS issuer Mosaic
Phil Narodick, who launched residential solar ABS issuer Mosaic's first loan product as director of financial products in 2014, has started a new job at SunPower Corp.
17 Sep 2019 -
Servpro deal tightens as esoteric ABS continues to shine
Servpro, a property restoration service, is on its way to price an inaugural whole-business securitization. As of Tuesday afternoon, the transaction was around seven times subscribed at 3.9% yield, sources familiar with the deal said.
17 Sep 2019 -
Court ruling frees Spanish mortgages from legal purgatory
A recent Spanish Supreme Court ruling on NPL foreclosures will help buyers of poorly performing mortgage portfolios avoid years of potential legal proceedings.
17 Sep 2019 -
Investors pile into Hewlett-Packard IT equipment ABS
Hewlett Packard Enterprise saw its inaugural small ticket equipment securitization oversubscribed by eight times at the end of last week.
16 Sep 2019 -
European auto ABS navigates market volatility
Sterling paper dominated European securitization issuance last week as issuers rushed ahead of further Brexit developments, with a particular focus on the auto ABS market, which saw three deals clear the pipeline.
16 Sep 2019 -
Cairn Capital finances US and UK securitization investments
Cairn Capital has financed two securitization issuances through its receivables programme with US fintech firm FastPay and UK consumer loan originator Valour Finance.
16 Sep 2019
